Esekla • 13 Comments
Esekla • 31 Comments
Oct. 17, 2013, 10:55 AM
- LG Display (LPL +0.3%) warns Q4 profit will fail to match Q3 highs due to falling TV panel prices.
- CFO James Jeong: "Given weak profitability that TV manufacturers are having right now, it'll be difficult to expect panel prices to rebound any time soon, but their rate of decline is likely to slow down." To counter the trend, LG Display is focusing on bigger-ticket items like ultra high-definition panels.
- TV displays represented 44% of revenue in Q3, down from 47% in the previous year. Mobile displays drove revenue in Q3 and composed 25% of sales from 24% in the previous year.
Oct. 11, 2013, 9:23 AM
- Intel (INTC) has been cut to Neutral, and Nvidia (NVDA) to Underperform, by Macquarie. Intel's Q3 report arrives on Tuesday. Intel -0.6% premarket, Nvidia -0.9%.
- Micron (MU) has been cut to Underperform by Wells Fargo following its FQ4 results (I, II) and FQ1 pricing guidance. Shares -2.1%.
- Synaptics (SYNA) has been cut to Neutral by JPMorgan two days after announcing the Validity Sensors deal and forecasting strong FQ1 sales. Shares -1.5%.
- Corning (GLW) has been cut to Neutral by Piper. Shares -1%.
- Iron Mountain (IRM) has been cut to Underweight by Barclays a day after announcing CFO Brian McKeon is leaving. Shares -2.2%.
- LG Display (LPL) has been upgraded to Buy by Citi.
- Diodes (DIOD) has been upgraded to Buy by Longbow.
Oct. 7, 2013, 11:17 AM
- Samsung (SSNLF.PK, SSNGY.OB), by far Universal Display's (OLED +3.7%) largest customer, says it has begun mass-producing a 5.7" 1080p flexible OLED panel, and soon plans to launch a phone that makes use of them. A variant of the Galaxy Note 3 (has a 5.7" 1080p display) is a good possibility.
- OLED-Info.com estimates the manufacturing line being used by Samsung can produce a few hundred thousand flexible 5.7" panels per month.
- Meanwhile, LG Display (LPL -0.9%) says it will start mass-production of a 6" curved OLED, while deeming it "the world’s first flexible OLED panel for smartphones." A source tells Reuters LG Electronics (LGEIY.OB) will use the panels to launch an expected curved display phone next month.
Oct. 2, 2013, 9:44 AM
- Reuters reports the retina iPad Mini (AAPL -0.5%) "could be available in only limited quantities this year, if at all," thanks to display manufacturing challenges.
- Sources say Apple's supply chain is just beginning to gear up to make displays for the tablet, and that Apple delayed certifying display manufacturers; LG Display (LPL), Samsung Display, and Sharp (SHCAY.PK) reportedly competed to supply panels.
- Bloomberg previously reported a retina Mini and 5th-gen iPad would arrive this year, and the WSJ reported "mass production" of a retina Mini would start in Q4. Reuters' report comes as Amazon rolls out new Kindle Fires with high-res displays, and a couple months after Google rolled out a second-gen Nexus 7 with a high-res display to good reviews.
- Separately, Apple has hired Jean-Francois Mule, once an SVP for cable TV R&D consortium CableLabs, to be an engineering director. That's boosting speculation the company is working on set-tops that provide direct access to pay-TV content.
- Previous: Apple/Time Warner Cable report, talks with media giants
Oct. 1, 2013, 9:21 AM
- Canaccord's Jonathan Dorsheimer has downgraded Universal Display (OLED) to Sell and lowered his PT to $19 from $30. Most importantly, he says checks indicate Samsung Display and LG Display (LPL) have in-house R&D programs to create their own phosphorescent OLED materials. He thinks production could begin after Universal patents expire in 2017.
- Dorsheimer is also concerned about OLED TV push-outs.
- Samsung recently bought OLED materials provider Novaled. Universal shares dove when the deal was first reported, but recouped some of their losses after analysts argued Novaled's materials are complementary.
- OLED -7.6% premarket.
Sep. 24, 2013, 1:32 PM
- Samsung Display and LG Display (LPL +2.1%) have settled their contentious legal battle, which resulted in multiple display patent lawsuits and accusations of trade secret theft.
- Samsung says it has "come to an agreement with LG Display to focus on finding ways to cooperate on patent matters though discussions, and to immediately drop lawsuits" related to LCD and OLED IP.
- The settlement is an incremental positive for Universal Display (OLED +0.8%), which counts both companies as licensees (but currently gets far more revenue from Samsung). In addition to standard mobile OLED displays, both Samsung and LG are working on flexible OLEDs and OLED TV displays.
- Samsung Display was spun off from Samsung Electronics in 2012.
Sep. 12, 2013, 9:02 AM
Aug. 20, 2013, 11:09 AM
- Citi notes prices for large-sized TV panels are down another ~$2, or ~1%, in August, and that DisplaySearch expects "continued price pressures during the seasonal build period as demand remains uncertain."
- The firm also observes soft PC demand is affecting TV panel prices (by hurting the supply/demand balance), and that tablet panel prices are down 1%-5% due to rising supply.
- With over 70% of Corning's (GLW -1.1%) net income stemming from display glass sales, Citi is reiterating a Neutral on the company, even though it considers its dividend, cash generation, R&D, and manufacturing abilities "impressive."
- Soft TV panel prices also stand to impact AU Optronics (AUO +0.7%) and LG Display (LPL -0.6%).
- Corning's Display Technologies unit posted 21% Y/Y rev. growth in Q2. Q3 LCD glass volumes were forecast to be up slightly Q/Q, and price declines on par with Q2.
- LCD driver IC vendor Himax recently forecast its Q3 large-panel driver sales will be "sluggish" thanks to soft TV/laptop demand and the end of China's TV subsidy program.
Aug. 1, 2013, 9:37 AM
- "Mass production" of an iPad Mini (AAPL +0.9%) sporting a retina display made by Samsung (SSNLF.PK), Sharp (SHCAY.PK), and LG Display (LPL) will reportedly start in Q4. No word on whether the device will also launch in the quarter, or in Q1 2014, as others (I, II) have suggested.
- 9to5 Mac just reported iOS 7 SDK code indicates a non-retina Mini is also on tap. Will Apple offer a non-retina model for less than $300 to take on cheaper, share-gaining, 7" Android tablets?
- Recent reports have also indicated Apple, in spite of its obvious differences with Samsung, plans to continue using the company as a chip foundry partner (along with TSMC), and will rely on it to supply thin LCD glass.
- AU Optronics (AUO +3%), which (together with LG Display) supplies LCDs for the current Mini, reportedly won't be a retina Mini supplier.
- Previous: Misek hikes PT to $540
Jul. 19, 2013, 1:10 AM
Apple (AAPL) roundup: 1) The NYT reports Apple has talked with pay-TV providers other than Time Warner Cable about Apple TV-based content access, and is looking to "collect a [per-user] fee." 2) 9to5 Mac reports Apple has added medical sensor and fitness experts to a wearable computing team, and has "experimented" with many wearable computing designs. All signs suggest the team is working on an iWatch. 3) Digitimes reports Apple is testing Ultra HD panels, and is talking with LG Display (LPL) about buying panels. Rumors about Apple prototype TV sets have been around for a while. 4) Wells Fargo notes Verizon's Q2 iPhone sales fell only 4% Q/Q vs. 16% last year, and thinks this could lead FQ3 iPhone sales to top its 26M-unit forecast.| Jul. 19, 2013, 1:10 AM | 6 Comments
Jul. 9, 2013, 6:40 PM
Chinese LCD panel shipments are expected to fall 5% Y/Y in Q3 to 13M-13.3M, "market observers" tell Digitimes. The government's recent decision to end TV subsidies is seen taking a toll in a market that has been a bright spot for an industry that hasn't had many lately. Yesterday, Digitimes reported 42/50/55-inch TV panel prices are expected to fall 2% in 1H July thanks to Chinese weakness. Corning (GLW), AU Optronics (AUO), and LG Display (LPL) are among the companies that could be affected. Some of these concerns have arguably been priced in since May.| Jul. 9, 2013, 6:40 PM
Jun. 24, 2013, 9:37 AM
The new and (barely) hawkish Fed has Ciitgroup upgrading a number of broker-dealers and asset managers. Schwab (SCHW) gets a 2-notch upgrade (to Buy from Sell) as higher rates mean it can stop the waving of money-market fees that has taken a huge chunk out of the bottom line. FXCM is also lifted to Buy, and price targets are hiked at TD Ameritrade (AMTD) and LPL Financial.| Jun. 24, 2013, 9:37 AM | 1 Comment
Jun. 19, 2013, 11:55 AM
LG Display (LPL -0.9%) expects to mass-produce a flexible OLED panel for major smartphone clients in Q4. 38% shareholder LG Electronics is likely one of those clients - the company has already said to plans to sell a flexible OLED phone by year's end. Samsung was at one point expected to use a flexible OLED in its upcoming Galaxy Note III, but is believed to have changed its mind due to production issues. Universal Display (PANL -2.1%) is hoping the technology takes off sooner rather than later. (Samsung demo)| Jun. 19, 2013, 11:55 AM
May 31, 2013, 10:36 AM
The Chinese government will reportedly end a TV subsidy program in June, a move likely to hurt sales in a market whose strong demand has been offsetting U.S./European weakness. The program, launched in June '12, provided subsidies of $16-$65 for local TV purchases. Manufacturers and suppliers that could be affected: SNE, SSNLF.PK, GLW, AUO, LPL, STM.| May 31, 2013, 10:36 AM | 2 Comments
May 20, 2013, 5:24 PM
Universal Display (PANL +2.4%) finished higher after a couple of pieces of OLED-related news arrived: 1) A Taiwanese paper reports Apple is testing 1.5" OLEDs for use in the long-rumored iWatch. 2) LG Display (LPL) is showing off a 55" OLED TV and (more intriguingly) a 5" flexible OLED panel for mobile devices at this week's Display Week 2013 conference. Samsung's upcoming Galaxy Note 3 has been expected to sport a flexible OLED, but a recent report stated this won't happen due to mass-production challenges.| May 20, 2013, 5:24 PM | 2 Comments
May 7, 2013, 9:45 AM
Greenlight Capital has added to its Apple (AAPL +0.4%) position, David Einhorn tells Bloomberg, while once more voicing his approval (previous) of Apple's new cash-return efforts. Separately, NPD's Richard Shim says LG Display (LPL) and others could start mass-production of panels for a retina iPad Mini by June or July. KGI Securities recently claimed display yield issues could push back mass-production of the entire device until October.| May 7, 2013, 9:45 AM